The initial investment of the owner in his business is ₱75,000. At the end of each
year, the total assets of the business amounted to ₱100,000, which consists of
₱50,000 cash and ₱50,000 equipment. The equipment has an unpaid balance of
₱20,000, the only liability of the business. How much is the owner‟s equity at the end
of the year?